Last Updated on 24 August 2022 by automiamo.com
Stop loss is the most important rule the trader must keep in mind, prior to the profit.
Following rule I apply based on Avarage True Range indicator.
- I define how long the trade is: few minutes until by the end of day (day trading) or more days (swing trading).
- I set my stop loss never changing the above rules.
Following a real example of this approach.
The own rules are the most important at all.
What was I wrong? Stop loss was ok, in line with my fast-speculative trade, but I would have waited more time and further confirmations. Entry point four more candles after touching my entry point, would have been the better choice.
Disclaimer: The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types od advice or recommendations supplied or endorsed by me.